Unity Bank Hikes FD Interest Rates; Senior Citizens To Earn Upto 9% Interest
Unity Bank has hiked its FD interest rates, the bank now offers its senior citizen customers an attractive rate of 9% p.a.
Recently, The Reserve Bank of India (RBI) hiked the repo rate, and ever since, banks have been raising interest rates on fixed deposits. Similarly, Unity Bank hiked its FD interest rates on various terms. The digital-first bank now offers its senior citizen customers an attractive rate of 9% p.a. on fixed deposits invested for tenures of 181 and 501 days respectively. On the other hand, retail investors will earn 8.50% for the same duration. This is the second rate hike by the bank on its FD products in November, enabling the customers to earn a higher rate of return.
Unity Bank: Detailed information
Unity Bank is a Scheduled Commercial Bank, promoted by Centrum Financial Services Limited with Resilient Innovations Private Limited as a joint investor. The bank is committed to making financial inclusion a reality for Indians. It strives to become India’s first truly digital bank.
The bank has been recognised as a scheduled bank by the RBI, which makes it depositors eligible for deposit insurance provided by the Depositor Insurance and Credit Guarantee Corporation (DICGC).
The bank has also increased its interest rates on Callable and Non-Callable Bulk Deposits (deposits higher than Rs 2 crores). The callable bulk deposits offer up to 8% interest p.a. and the non-callable bulk deposits offer up to 8.10% interest p.a. In the case of savings accounts, Unity Bank offers an interest of 7% p.a. for deposits more than Rs 1 lakh and 6% p.a. for deposits up to Rs 1 lakh.
Unity Small Finance Bank Latest FD Interest Rates
According to the information available on the bank’s website, for a tenure of 7 to 14 days, the general FD rates are 4.50% and for senior citizens, it is also 4.50%. For a tenure of 15 to 45 days, the rates are 4.75% for both general and senior citizens. For a tenure of 46 to 60 days, the general FD rates are 5.25% and for senior citizens, it is 5.75%. For 61 to 90 days, the general FD rates are 5.50% and for senior citizens, it is 6.00%.
For a tenure of 91 to 180 days, the general FD rates are 5.75% and senior citizen rates are 6.25%. And for 181 days, the general FD rates are 8.50% and for senior citizens, the rates are 9%. For 182 to 364 days, general FD rates are 6.75% and senior citizen FD rates are 7.25%.
For a tenure of 1 year or 365 days, the general FD rates are 7.35% and senior citizen FD rates are 7.85%. For 1 year and 1 day, the general FD rates are 7.80% and senior citizen FD rates are 8.30%. For 1 year and 1 day to 500 days, the general FD rates are 7.35% and senior citizen FD rates are 7.85%
Premature Withdrawl
As per the official website of the bank, for premature withdrawal of fixed deposits, the interest rate payable would be the corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run.
Disclaimer: The information mentioned above was taken from the concerned bank's official website at the time of writing. BQ Prime is not liable for any changes. Please research before you purchase.